Remec Inc

Remec Inc., a maker of wireless communications equipment, agreed to buy Spectrian Corp. for about $160 million in cash and stock to expand its offering of power amplifiers. Remec said it will pay the equivalent of $14 a share for Sunnyvale, Calif.-based Spectrian, a 29% premium to its closing price of $10.85 on Friday. News of the deal sent the shares surging $2.50, or 23%, to $13.35 on Nasdaq.

Remec Inc., a maker of wireless communications equipment, agreed to buy Spectrian Corp. for about $160 million in cash and stock to expand its offering of power amplifiers. Remec said it will pay the equivalent of $14 a share for Sunnyvale, Calif.-based Spectrian, a 29% premium to its closing price of $10.85 on Friday. News of the deal sent the shares surging $2.50, or 23%, to $13.35 on Nasdaq.

Struggling STM Wireless, an Irvine-based provider of telecommunications in rural areas using satellite networks, said Wednesday that it agreed to be acquired by San Diego-based Remec Inc. in a stock swap. Under the tentative agreement, STM stockholders would receive one share of Remec stock for every 3.8 shares of STM stock they own. Based on the Wednesday closing price of Remec's stock--$17.38 a share--the transaction would be worth nearly $32.2 million.

Struggling STM Wireless, an Irvine-based provider of telecommunications in rural areas using satellite networks, said Wednesday that it agreed to be acquired by San Diego-based Remec Inc. in a stock swap. Under the tentative agreement, STM stockholders would receive one share of Remec stock for every 3.8 shares of STM stock they own. Based on the Wednesday closing price of Remec's stock--$17.38 a share--the transaction would be worth nearly $32.2 million.

STM Wireless Inc.'s shares rose 24% after the communications equipment maker agreed earlier this week to sell its RF Microsystems subsidiary. "They are getting rid of a unit that was diverting management's attention," said Dale Pfau, analyst with Oppenheimer & Co. "This company is on its way to a turnaround." The company's shares rose by $2.50 to $12.75 on the Nasdaq market. STM had announced earlier this week that it plans to sell the subsidiary to Remec Inc.

Remec Inc. and Pequot Private Equity Fund L.P. have completed a $14.6-million investment in STM Wireless Inc.'s Direc-to-Phone International Inc. unit, reducing STM's stake from about 75% to 44%. STM said Remec made a $5-million cash investment in Direc-to-Phone and purchased existing Direc-to-Phone shares from STM for an additional $4.6 million. Pequot made a $2.5 million investment and purchased Direc-to-Phone shares from STM for an additional $2.5 million.

Irvine-based STM Wireless Inc. said Friday it has reached an agreement with its lender to extend the loan on which the company had defaulted. STM said it has established "the framework" for repaying $9 million to Wells Fargo HSBC Trade Bank. STM's credit arrangement with the bank expired April 1, prompting the lender to threaten foreclosure.

Seat Pagine Gialle, an Internet service provider based in Italy, agreed to buy NetCreations Inc. for about $108.7 million after DoubleClick Inc. dropped out of the bidding for the seller of e-mail marketing services. Seat Pagine will pay $7 a share for New York-based NetCreations, a 4.7% premium over NetCreations' Friday closing price, a NetCreations spokeswoman said. * New York-based EarthWeb Inc.

STM Wireless Inc.'s telecommunications services unit, SkyOnline Inc., will receive nearly $59 million in funding from a variety of investors, Irvine-based STM said Monday. As a result of these transactions, STM's stake in SkyOnline will be reduced to about 15% from 45%, STM said. SkyOnline will receive $45 million in funding from a unit of Tractebel, a Brussels-based energy and services business, and Nouvel Investissement en Technologie, a Luxembourg-based technology investment group.

Struggling STM Wireless Inc. posted a first-quarter loss of $8.5 million Monday and said its deal to be acquired by a San Diego communications firm has been called off. The Irvine company's $8.5-million loss, the equivalent of $1.20 a share, included $1.6 million from the devaluation of the Brazilian currency and $617,000 in one-time restructuring expenses. A year ago, the company lost $4.1 million, or 62 cents a share. Revenue fell 55% to $3.1 million from $6.9 million last year.

Irvine-based STM Wireless Inc. said it has defaulted on a $10-million line of credit, and the lender is threatening foreclosure, among other things. STM, which provides satellite telecommunications in rural areas, said it was "not in compliance with certain covenants" of the credit arrangement with Wells Fargo HSBC Trade Bank that expired April 1, according to a report filed Thursday with the Securities and Exchange Commission.